Asian shares decline as hopes dim for resolution in Iran after Trump's latest comments
ABC News
Asian shares are slipping in morning trading, as oil prices continued to climb after President Donald Trump’s latest comments dashed hopes for an early end to the war in Iran
TOKYO -- Asian shares dipped in Monday morning trading, as oil prices continued to climb after U.S. President Donald Trump’s latest comments dashed hopes for an early end to the war in Iran.
Japan’s benchmark Nikkei 225 dropped 3.3% to 51,638.85 in morning trading. In Taiwan, the Taiex shed 2.6% to 32,663.07. Australia’s S&P/ASX 200 fell 0.7% to 8,366.20. South Korea’s Kospi dove 5.1% to 5,485.50. Hong Kong’s Hang Seng slipped 3.1% to 24,497.27, while the Shanghai Composite declined 2.1% to 3,872.84.
Trump over the weekend warned the U.S. will “obliterate” Iran’s power plants if it doesn’t fully open the Strait of Hormuz within 48 hours, prompting Tehran to say it would respond to any such strike with attacks on U.S. and Israeli energy and infrastructure assets in the region.
“Trump’s ultimatum and Iran’s retaliatory warnings point to a widening conflict that keeps energy disruption and market volatility elevated with no clear off-ramp in sight,” said Ng Jing Wen, analyst at Mizuho Bank in Singapore.
Higher oil prices, which also shook stock markets on Friday, dashed hopes for a possible upcoming cut to interest rates by the Federal Reserve, analysts said. Before the war, traders were betting that the Fed would cut rates at least twice this year. Central banks in Europe, Japan and the United Kingdom also recently held their interest rates steady.
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